Saifun files to go public
21.10.2005 | 15:30
Reuters
Saifun Semiconductors Ltd. filed with U.S. regulators on Friday to sell 5 million shares at an estimated price of $20.50 to $22.50 each in an initial public offering.
Saifun said in a registration statement with the U.S. Securities and Exchange Commission that Lehman Brothers, Deutsche Bank Securities, CIBC World Markets, William Blair & Co. and Raymond James are underwriting the offering.
The underwriters have the option to buy an additional 750,000 shares to cover over-allotments.
Saifun invented and patented a technology it calls nitride-read-only memory, or NROM, which it believes is a step forward in the nonvolatile semiconductor memory market.
Nonvolatile semiconductor memory devices retain stored information even without a power source.
Saifun's two revenue streams are licensing its intellectual property, and design and product development services that it provides to its licensees.
For the six months ended June 26, Saifun earned $25.09 million on $44.86 million of total revenues.
During the year-earlier period, the company posted a net loss of $9.05 million on $12.74 million of total revenues.
It plans to use the net proceeds from the offering, which it estimates at $95.5 million, for research and development of its existing NROM technology, business development and marketing activities, general corporate purposes, and working capital.
Saifun's shares have been approved for listing on the Nasdaq under the symbol SFUN
Dubi
